VA Beach Office Asset Lands New Management

Mercer Street’s recently purchased Class A property encompasses more than 70,000 square feet and is fully leased to Amerigroup Corp.
Corporate Center V in Virginia Beach, Va.

Mercer Street Partners has selected Divaris Real Estate to manage Corporate Center V, a 70,760-square-foot Class A asset in Virginia Beach, Va.’s growing office market.

Mercer acquired the property in late April for $9.9 million from a New Jersey-based private investor, which had previously picked up the building from Pembroke Commercial Realty for $10 million in 2006, according to Yardi Matrix data.

Located at 4425 Corporation Lane, the four-story building is part of Pembroke Office Park, a mile and a half from Interstate 264. A wide variety of shopping, dining and hospitality options fall within a mile of the structure, situated near the Virginia Beach Boulevard retail corridor.

Completed in 1989, the property is fully occupied by the headquarters of Amerigroup Corp., a subsidiary of Anthem. Other tenants in the surrounding office park include Optima Health, Virginia Beach’s health department and Southern Trust Mortgage.

Image courtesy of Yardi Matrix